Lyric has reduced opera performances over the last decade from 86 a year to 56, and added musical theater to its repertoire to generate new interest.

Musicals usually employ a much smaller orchestra than operas.

"In the end, both parties compromised," the musicians said in a statement.

They added that a longer strike would have been destructive to the 65-year-old company and its workers -- including the chorus and technical crew who have already reached separate union contracts with management.

"These agreements will protect the artistic brilliance on our stage while also helping to ensure Lyric's long-term financial security," the management said in an emailed announcement.